Entrepreneurship and Business Management

1. SLIDES CREATED BY:
LETHANDO NTELEKI 201012066
Entrepreneurship

2. Entrepreneurship
BY MIKE NOLEN

3. The business
environment

4. contents
 Introduction
 Meaning
of entrepreneurship

5. INTRODUCTION
INDIA is a young Nation of
60years of Independence setting
out on a path of sustained
economic growth
Current years the ongoing
interest in entrepreneurship has
increased
For growth of new businesses as
well as economic development

6. MEANING OF ENTREPRENEURSHIP
 Entrepreneurship
is a process
undertaken by an entrepreneur to
establish and to develop a new
enterprise.
 It
is a process of converting the idea of
establishing an enterprise into its
implementation.

7. What is an Entrepreneur?
 An
Entrepreneur (ahn’tra
pra nur) is a person who
organizes and manages a
business undertaking,
assuming the risk for the
sake of profit. Any person
(any age) who starts and
operates a business is an
entrepreneur.

8. NEW SOURCES OF INCOME FOR GOVT

govt. gets income
of various taxes by
medium of venture
of new
entrepreneurs.

Some export
oriented industrial
units help govt. in
earning foreign
exchange.

10. FOR RAPID ECONOMIC DEVELOPMENT



Entrepreneurs and
entrepreneurship are base
for economic development.
Entrepreneurship
Development Programme
(EDP) makes entrepreneurs
for creation of
entrepreneurship
environment.
In India, in every five year
plan more and more
amount is allotted for
entrepreneurship
development.

11. CREATION OF SUITABLE INDUSTRIAL ENVIRONMENT
FOR RAPID ECONOMIC DEVELOPMENT.
For creation of industrial and entrepreneurship
environment, various institutions –
CED, EDI, IDBI, Exim bank, IFCI, State Finance
Corporation, DIC etc have given their active
contribution.

12. 
Entrepreneurship is a challenging and
rewarding profession.

Entrepreneurship is required for the growth of
NATIONAL ECONOMY.

13. LEVEL OF ENTREPRENEURSHIP
ENTREPRENEURSHIP & ECONOMIC
DEVELOPMENT
EARLY
IMITATION
AND INNOVATION
EARLY
IMITATION
LATE
IMITATION
SMALL BUSINESS
FORMATION
AGRARIAN
INDUSTRIALIZATION
DEVELOPMENT OF ECONOMY
SERVICE & HI TECH

15. Entrepreneurship
Agricultural
students
have been
entrepreneurs since the
beginning of
agricultural education.

16. Entrepreneurship
 The
Smith-Hughes Act of
1917 (which provided
federal funding for
agricultural programs)
required all students to
have an entrepreneurship
program – but they weren’t
called entrepreneurs back
then.

17. Early Entrepreneurship
 These
early
entrepreneurship
programs were called
different names:
Farming Program
Productive or Production
Enterprises
Ownership

18. Early Entrepreneurship
The
early SAE
Entrepreneurship
program primarily
involved:
Raising
Livestock
Growing Crops

19. Entrepreneurship Today
 Today,
agricultural students
are involved in many different
types of entrepreneurial
activities.
 Entrepreneurship in agriculture
can still be raising livestock
and growing crops, but it can
be much, much more than
that.

20. Different type of
Entrepreneurship

Entrepreneurship: The student plans,
implements, operates and assumes
financial risks in a farming activity or
agricultural business. In
entrepreneurship programs, the student
owns the materials and other required
inputs and keeps financial records to
determine return to investments.

21. Agri-Entrepreneurs Example

Lawn Maintenance Service

22. Agri-Entrepreneurs Example

Raise and Sell Fishing Bait

23. Farming Entrepreneurs
Example

Custom Crop Harvesting

24. Vet Entrepreneurs Example

Pet Sitting Service

25. Fishing Entrepreneurs Example

Fishing Guide

26. Fruit and veg Entrepreneurs
Example

Operating a Roadside Marketing Selling Produce

27. Sesonal -Entrepreneurs
Example

Making and Selling Christmas Wreathes

28. DIY Entrepreneurs Example

Operating a Small Engine Repair Service

29. Three Aspects of
Entrepreneurship

1.
The identification/recognition of
market opportunity and the generation
of a business idea (product or service)
to address the opportunity

30. Three Aspects of
Entrepreneurship

2. The marshalling and commitment of resources in
the face of risk to pursue the opportunity

31. Three Aspects of
Entrepreneurship

3. The creation of an operating business organization
to implement the opportunity-motivated business
idea

32. Successful Entrepreneurs
 According
to the Small
Business
Administration, successful
entrepreneurs have five
characteristics:

Drive, which is defined as the most important attribute.
Entrepreneurs can expect long hours, high stress and
endless problems, as they launch a new business.

33. Successful Entrepreneurs
 According
to the Small
Business Administration,
successful entrepreneurs
have five characteristics:

Thinking Ability, or the characteristic that encompasses
creativity, critical thinking, analytical abilities and
originality.

34. Successful Entrepreneurs
 According
to the Small
Business
Administration, successful
entrepreneurs have five
characteristics:

Aptitude for Human Relations. This characteristic
recognizes the importance of the ability to motivate
employees, sell customers, negotiate with suppliers
and convince lenders. Personality plays a big part in
success in this area..

35. Successful Entrepreneurs
 According
to the Small
Business
Administration, successful
entrepreneurs have five
characteristics:

Communication Skills, or the ability to make yourself
understood.

36. Successful Entrepreneurs
 According
to the Small
Business Administration,
successful entrepreneurs
have five characteristics:

Technical Ability speaks to the need of the
entrepreneur to know their product and their market.
They must consider the long- and short-term
implications of their decisions, their strengths and
weaknesses, and their competition. In short, they need
strategic management skills.

37. Entrepreneurship
 Some
 You
advantages
are your own boss
 Enjoy the profits from you efforts
 Sense of pride in your business
 Flexibility in your work schedule

38. Entrepreneurship
 Some
disadvantages

Will need to put in long hours

Need money to start

Have to keep up with government rules and regulations

May have to mark hard decisions (hiring, firing, etc.)

May lose money

39. FFA and Entrepreneurship

During the past decade the Kauffman Foundation
has supported a new FFA initiative to support
entrepreneurship activities

Awards program (and money)

Video “You’re the Boss”

Materials

40. FFA AgriEntrepreneurship
Program

Each state recognizes the agricultural student who
has the best entrepreneurship program.

There is cash award of $100 at the state level.

All entries at the state level go on for national
competition.

41. FFA AgriEntrepreneurship
Program

At the national level, 10 outstanding
entrepreneurship students are recognized.

There is cash award of $1000 for each national
winner

The FFA chapters of the national award winners
each receive $500.

42. Definition of an Entrepreneur

The actual definition of an entrepreneur is a person
who organizes and operates a business or
businesses, taking on financial risk to do so

Basically working for yourself

43. Characteristics of an
Entrepreneur

Inner drive to succeed

Competitive

Passion for what your doing

Highly motivated

Not afraid to take risks or fail

44. Skills

Communication

Organization

Leadership
All these are necessary to be an entrepreneur, but
they are also beneficial in life in general

45. Skills
Communication

Having the ability to communicate face to face and also through
technology in today’s high tech world effectively

Email , Text messaging, Skype (Video Conference), Social Media, etc..

46. Skills
Communication

Written communication skills are vital so there is no
confusion in what is really meant with what’s said

47. Skills
Organization

Simply being organized

Being prepared and ready

Know where “tools” are so effective procedures can
be carried out

48. Skills
Leadership

Earned not given

Ability to lead others by example and influence

Having the respect of those around you

Learns from mistakes and keeps moving forward

Decisiveness

49. Leadership

Though you don’t have to join the military to
develop leadership skills, the video on the next slide
shows how the Marine Corps is all about leadership.
Leadership is the same set of skills no matter what
profession your involved with.

50. Conclusion

A business, also known as an enterprise or a firm, is
an organization involved in the trade of
goods, services, or both to consumers.[1] Businesses
are prevalent in capitalist economies, where most of
them are privately owned and provide goods and
services to customers for profit. Businesses may also
be not-for-profit or state-owned. A business owned
by multiple individuals may be referred to as a
company, although that term also has a more
precise meaning[clarification needed].

51. Marketing

Once your business is up and running to keep it
afloat you need customers.

Advertisements are everywhere so take advantage
of all the different ways to advertise whether it be
online, in a newspaper, or on a billboard.

52. Marketing

Word of mouth is the best form of advertising so you
have to set a fair price and provide great customer
service.

Without the customers, you have no business.

53. Conclusion

Once an established business is up and running its
up to the entrepreneur to utilize the skills needed to
continue to be successful.

54. Reference
•
Business Process Management Systems. 1. Dimka
Karastoyanova1, Tammo van Lessen1, Frank
Leymann1
•
A guid to business research and managing business
resources and services. By Alt Johnsons F.G